The price of Bitcoin (BTC) fell dramatically this morning as pharmaceutical company Pfizer, in partnership with biotech company BioNTech, announced a breakthrough in its vaccine against COVID-19.
Bitcoin fell roughly $ 1,000, more than 6%, between 7 a.m. and 10 a.m. EST today, during the news about the vaccine. from USD 15,800 to a daily low near USD 14,815 Data by TradingView. The landmark cryptoasset was rebounding slightly at the time of this writing, hovering near $ 14,908.
Early today Pfizer released a statement that found its COVID-19 vaccine to be around 90% effective. The company said its numbers were obtained after testing 43,538 subjects. However, the vaccine is still awaiting final approval from the U.S. FDA:
“Emergency filing (US) with the US Food and Drug Administration (FDA) is scheduled for shortly after the required safety milestone is reached, which is currently expected in the US third week of November.”
Strengthening Bitcoin’s history as a hedge or uncorrelated asset, Traditional financial markets picked up as various media covered the news on the COVID-19 vaccine. The SP 500 up nearly 4% in price compared to the opening price this morning. Meanwhile, Gold, another store of value, has fallen more than 5% in the last few hours Suffering from constant carnage at the time of going to press.
In addition to gold and BTC, some companies that made notable gains during the shutdowns dropped their company valuations earlier today. The video conference platform Zoom posted a price decline of around 19%. while Netflix fell nearly 10%. Even the online sales giant, Amazon fell more than 5%.
Many expect Bitcoin to recover at some point, just as it did after that First news about the COVID-19 pandemic in March.